Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.3
(20 Ratings)

Prosper PayOff

Advertiser Disclosure

Repayment of loan

For HELOCs, the draw period is ten years. During this period, the borrowers should make monthly payments either of $100 and above or of the total sum of the accrued charges and other charges for the monthly billing cycle. The monthly minimum payments may not reduce the principal balance outstanding on the Prosper loans during the draw period. If you pay more than the interest to the lender, you may be able to borrow additional sums of money.

During the repayment of HELOCs, the borrowers should pay at least the minimum monthly payment, which is necessary to repay the outstanding balance. Minimum monthly payments are based on the annual percentage rate. If the rate increases, the monthly payment will increase too. At the end of the repayment term, the Prosper borrowers should pay back to the company the remaining loan amount in full.

For personal loans, the Prosper borrowers can opt to pay back in several ways:

  • AutoPay. You can schedule your monthly payment through an automatic service. It will deduct the payments from your bank account on the due date.

  • Pay online. Prosper borrowers can schedule payments through ACH from their personal account. The payment can be made each month manually.

  • Pay over the phone. You can call Prosper Customer Service, and they will conduct your payments through your bank account.

  • Pay by check. Prosper customers can mail a check, money order, or cashier's check. It takes time for payment to arrive, but it is most secure for third-party payments.

Prosper doesn't allow to pay by the:

  • Debit cards

  • Credit cards

  • Wire transfers

  • Mobile payments

  • Bitcoin

  • Digital wallets

  • Cash.

Fees and penalties

There are no pre-payment penalties. However, Prosper may charge you an origination fee and a late fee. The origination fees vary from 2.42% to 5%. The late fee is issued to borrowers who are late for their monthly payments for more than 15 days. The fee is either 5% of the monthly payment, or $15 if it is a greater sum.

Early payoff

You can pay your Prosper loan early. There are no early payments fees.

However, if you took HELOC, there are two payment periods in the agreement: the draw and the repayment. The draw period is set by the lenders and typically is up to 10 years. During this period, you are only required to pay interest.

FAQ

Does Prosper have pre-payment penalties?

No, Prosper doesn't have a pre-payment penalty. However, the company charges an origination fee.

What happens if I get approved for a loan but don't use it?

Your credit will go down, and if you took your finance with a co-signer, they would be responsible for paying off the debt.

How long should you wait between loans?

Prosper customers can take two loans at a time. However, you should wait six months to take more.

Financial products
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.28
(20 Ratings)
Recommended FinScore™
0
300
650
1000
2000.00 – 50000.00 $
Rate
i

Effective interest rate on the product

8.99 – 35.99 %
Term
i

Loan term for the financial product

to 5 years
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
100.00 – 20000.00 $
Rate
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Effective interest rate on the product

from 0.05 %
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Loan term for the financial product

5 days – 3 months
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
100.00 – 4000.00 $
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.25
(20 Ratings)
Recommended FinScore™
0
300
650
1000
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Effective interest rate on the product

to 160.00 %
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All Prosper’s reviews by may 2024
Leave feedback
2.2
Disadvantages
This is the worst credit card I've ever had. I had a pending charge lingering on my account for over a month, and despite sending them a screenshot of my online bill as proof, they claimed they couldn't see it. I called numerous times, and each time, they denied any knowledge of pending charges. Upon checking my account recently, there is no trace of the pending charge, only a balance due for the same amount, along with an added finance charge. I'm considering paying it off and closing the account. I plan to research further to identify the parent bank and file a complaint with the Better Business Bureau. Their service is so poor that I believe they deserve a rating lower than one star, or perhaps the option to leave no rating at all.
Complain
1.4
Disadvantages
This company has been a terrible experience. They initially approved my loan and then abruptly canceled it, citing a fraud alert placed on my credit bureau. It's essential to clarify that this wasn't a credit freeze; it was merely an extended alert with my phone number for verification before extending credit.
Complain
4.6
Advantages
The online application process was incredibly straightforward and uncomplicated. I believe that my prior history as a loyal customer, with a consistent record of on-time payments through direct debit, might have played a role in the ease of the process.
Complain
1.4
Disadvantages
My transactions are repeatedly being declined without a clear explanation. They attribute it to fraud on my card, which is not accurate. This has occurred multiple times, including a two-hour shopping trip at Walmart that ended with an embarrassing rejection at the checkout.
Complain
4.8
Advantages
The customer service at this place is outstanding. The staff is not only friendly but also highly professional throughout the entire process. They treat you with the utmost respect, making you feel like a part of their family. I wholeheartedly recommend this to anyone else.
Complain
4.6
Advantages
The process was remarkably swift, uncomplicated, and dependable. Communication was outstanding, and I'm delighted that I chose to return as a customer.
Complain
1.8
Disadvantages
My credit card balance is actually $541.00, not $1388.00, and I'm frustrated that they haven't updated it for the past five months. This ongoing issue is becoming increasingly tiresome.
Complain
4.6
Advantages
I've applied for my third loan with Prosper, and I continue to be impressed with their smooth and speedy process. They required minimal documentation, and everything was completed in a matter of minutes. In my opinion, Prosper is the best!
Complain
4.6
Advantages
The application process was straightforward. I utilized this service for my son's student loan, and we haven't encountered any issues throughout the entire duration of the loan.
Complain
5
Advantages
The process turned out to be surprisingly easy and faster than anticipated. Being an existing customer, I found the entire experience to be exceptionally smooth and efficient.
Complain
Overall company rating
3.3
/ 5
20 reviews
Execution of an application
3.2
Support service
3.5
Mobile app
3.2
Service quality
3.3
Your satisfaction level
3.3
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